MGC Diagnostics Corporation (Exact name of registrant as specified in its charter)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Amendment No. 1 to FORM 8-K on FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 1, 2014 MGC Diagnostics Corporation (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation) 001-13543 41-1579150 (Commission File Number) (IRS Employer Identification No.) 350 Oak Grove Parkway Saint Paul, Minnesota 55127-8599 (Address of principal executive offices) (Zip Code) (651) 484-4874 (Registrant s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01 Completion of Acquisition or Disposition of Assets. On August 1, 2014, MGC Diagnostics Corporation, through its newly established wholly owned subsidiary, MGC Diagnostics Belgium S.P.R.L., a private limited liability company, (collectively MGC Diagnostics or the Company ) completed the acquisition of MediSoft SA ( MediSoft ). MediSoft, based in Sorinnes, Belgium, was a privately held manufacturer of cardiorespiratory diagnostics products that was owned by Guy Martinot and Jean-Benoit Martinot (the MediSoft Shareholders ). MediSoft has operating subsidiaries in France, Germany and Italy. The Company is filing this Amendment No. 1 to Current Report on Form 8-K/A to file the required financial statements and pro-forma financial information related to the acquisition under Items 9.01(a) and 9.01(b) of Form 8-K. Item 9.01 Financial Statements and Exhibits. (a) Financial Statements of Business Acquired Pursuant to Rule 8-04 of Regulation S-X, Financial Statements of Business Acquired or To Be Acquired, the Company hereby files the following financial statements of MediSoft: Report of Independent Audit Firm Baker Tilly Bedrijfsrevisoren Burg. CVBA Consolidated Balance Sheet as of December 31, 2013 Consolidated Statement of Comprehensive Loss for the year ended December 31, 2013 Consolidated Statement of Stockholders Equity for the year ended December 31, 2013 Consolidated Statement of Cash Flows for the year ended December 31, 2013 Notes to Consolidated Financial Statements Pursuant to Regulation S-X, Rule 8-04(e), and Items 8.A.5 and 17 of Form 20-F, the Company is not required to file MediSoft interim financial statements. (b) Unaudited Pro Forma Financial Information Pursuant to Rule 8-05 of Regulation S-X, Pro Forma Financial Information, the Company hereby files the following pro forma financial information of MGC Diagnostics Corporation: Unaudited Pro Forma Condensed Consolidated Balance Sheet of MGC Diagnostics Corporation as of July 31, 2014 Unaudited Pro Forma Condensed Consolidated Statement of Loss of MGC Diagnostics Corporation for the nine months ended July 31, 2014 Unaudited Pro Forma Condensed Consolidated Statement of Income (Loss) of MGC Diagnostics Corporation for the year ended October 31, 2013 Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements. 2

Exhibit Number Description 4.1 Form of Warrant dated August 1, 2014 delivered to MediSoft SA shareholders.* 10.1 Stock Purchase Agreement dated July 10, 2014 between MGC Diagnostics Belgium S.P.R.L., a private limited liability company, and Guy Martinot and Jean-Benoit Martinot.* 23 Consent of Independent Audit Firm 99.1 MGC Diagnostics Corporation press release dated August 1, 2014.* 99.2 Financial Statements of Business Acquired 99.3 Unaudited Pro Forma Financial Information *Incorporated by reference to exhibit of the same number in the Company s Current Report on Form 8-K dated August 1, 2014. 3

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MGC DIAGNOSTICS CORPORATION Dated: October 15, 2014 By: /S/ Wesley W. Winnekins Wesley W. Winnekins Chief Operating Officer and Chief Financial Officer 4

Exhibit 23 CONSENT OF INDEPENDENT AUDIT FIRM We consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-181866; 333-167102, 333-159929, 333-152015, 333-145653, 333-130940, 333-105387, 333-102171 and 333-102168) in the Amendment No. 1 to Form 8-K on Form 8-K/A being filed by MGC Diagnostics Corporation of our report dated October 14, 2014, relating to our audit of the consolidated financial statements of MediSoft SA and Subsidiaries for the year ended December 31, 2013 which are included in Item 9.01. BAKER TILLY BELGIUM BEDRIJFSREVISOREN BURG. CVBA Melle, Belgium October 14, 2014

Exhibit 99.2 MediSoft SA and Subsidiaries CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2013 INDEX PAGE Report of Independent Audit Firm 2 Consolidated Balance Sheet as of December 31, 2013 3 Consolidated Statement of Comprehensive Loss for the year ended December 31, 2013 4 Consolidated Statement of Changes in Stockholders Equity for the year ended December 31, 2013 5 Consolidated Statement of Cash Flows for the year ended December 31, 2013 6 Notes to the Consolidated Financial Statements 7-17 1

Report of Independent Audit Firm To the Board of Directors and Stockholders MediSoft SA and Subsidiaries Sorinnes, Belgium Independent auditor s report Report on the Financial Statements We were engaged to audit the consolidated financial statements of MediSoft SA and subsidiaries, which comprise the consolidated balance sheet as of December 31, 2013, and the related consolidated statements of comprehensive loss, changes in stockholders equity, and cash flows for the year then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on conducting the audit in accordance with auditing standards generally accepted in the United States of America. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Basis for Disclaimer of Opinion In the accompanying consolidated financial statements, inventories amount to $1,252,000 as of December 31, 2013. Since we were engaged subsequent to that date, we were unable to obtain sufficient audit evidence of the existence of the physical inventory as of December 31, 2013. Further, audit evidence supporting the valuation and cut-off of the inventory was not available. The Company s records do not permit the application of other auditing procedures to inventory. Disclaimer of Opinion Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the consolidated financial statements referred to in the first paragraph. BAKER TILLY BELGIUM BEDRIJFSREVISOREN BURG. CVBA Melle Belgium, October 14, 2014 2

MediSoft SA and Subsidiaries CONSOLIDATED BALANCE SHEET As of December 31, 2013 (in thousands, except share amounts) ASSETS Current assets: Cash $ 414 Accounts receivable, net 1,410 Amounts due from shareholder 36 Inventories, net 1,252 Prepaid expenses 2 Other assets 184 Total current assets 3,298 Deposits 16 Property and equipment, net 1,759 Intangible assets, net 39 Goodwill 399 Total assets $ 5,511 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 1,083 Accrued expenses 402 Employee compensation 417 Deferred income 109 Income taxes payable 11 Current portion of long-term debt 1,578 Other current liabilities 81 Total current liabilities 3,681 Deferred grants 213 Long-term debt 1,105 Deferred tax liability 163 Total liabilities 5,162 Commitments and contingencies (note 10) Stockholders equity: Common stock, no par value. Authorized 2,317 shares, issued and outstanding. 238 Additional paid in capital 1 Accumulated earnings 338 Accumulated other comprehensive loss (191) Total stockholders equity 386 Noncontrolling interest (37) Total equity 349 Total liabilities and equity $ 5,511 The accompanying notes are an integral part of these consolidated financial statements. 3

MediSoft SA and Subsidiaries CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS For the year ended December 31, 2013 Net sales $ 6,268 Cost of products sold 3,242 Gross profit 3,026 Selling and marketing expenses 1,588 General and administrative expenses 1,000 Research and development expenses 732 Amortization expense 9 Bad debts 3 Operating loss (306) Interest income (19) Interest expense 109 Grant income (216) Other income (82) Total other (income) expenses (208) Loss before income taxes (98) Income tax expense 5 Net loss (103) Less: Net loss attributable to the noncontrolling interest 16 Net loss attributable to the MediSoft SA shareholders (87) Other comprehensive loss, net of tax: Foreign currency translation (179) Comprehensive loss $ (266) The accompanying notes are an integral part of these consolidated financial statements. 4

MediSoft SA and Subsidiaries CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY For the year ended December 31, 2013 (in thousands, except shares) Number of Shares Common Stock Additional Paid-in Capital Accumulated Earnings Accumulated Other Comprehensive Loss Total Stockholders Equity Noncontrolling Interest Total Equity Balance at January 1, 2013 2,317 $ 238 $ 1 $ 464 $ (12) $ 691 $ (21) $ 670 Net loss (87) (87) (16) (103) Dividend (39) (39) (39) Foreign currency translation (179) (179) (179) Balance at December 31, 2013 2,317 $ 238 $ 1 $ 338 $ (191) $ 386 $ (37) $ 349 The accompanying notes are an integral part of these consolidated financial statements. 5

MediSoft SA and Subsidiaries CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended December 31, 2013 Cash flows from operating activities Net loss $ (103) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 206 Deferred tax benefit (25) Decrease (increase) in assets: (Increase)/decrease in accounts receivable, net 141 (Increase)/decrease in amounts due from shareholder (11) (Increase)/decrease in inventories, net (117) (Increase)/decrease in prepaid expenses 122 (Increase)/decrease in other assets 44 Increase (decrease) in liabilities: Increase/(decrease) in accounts payable 288 Increase/(decrease) in accrued expenses (3) Increase/(decrease) in employee compensation (64) Increase/(decrease) in deferred income 88 Increase/(decrease) in income taxes payable (8) Increase/(decrease) in other liabilities 66 Net cash provided by operating activities 624 Cash flows from investing activities Payments for acquisition of capital assets (110) Payments for intangible assets (46) Net cash used in investing activities (156) Cash flows from financing activities Dividends paid (39) Repayment of debt (392) Proceeds from debt 181 Net cash used in financing activities (250) Effect of exchange rate changes on cash 15 Net increase in cash 233 Cash, beginning of year 181 Cash, ending of year $ 414 Supplemental disclosure of noncash investing and financing activities: Cash paid for income taxes $ 34 Cash paid for interest expense 105 Changes to accrued liabilities related to fixed asset additions 55 The accompanying notes are an integral part of these consolidated financial statements. 6

MediSoft SA and Subsidiaries NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2013 (1) Summary of Significant Accounting Policies (a) Description of Business MediSoft SA ( MediSoft ) and its subsidiaries (the Group ) provide cardio-respiratory diagnostic equipment to health professionals worldwide. (b) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( US GAAP ). (c) Principles of consolidation The consolidated financial statements include the accounts of MediSoft and its majority owned subsidiaries. The country of incorporation and the ownership structure of each subsidiary are listed below: Legal Entity Country of incorporation Ownership % MediSoft France S.A.R.L. France 90% MediSoft Ram Italia SRL Italy 80% MediSoft Germany GmbH Germany 96.25% All intra-group transactions and balances have been eliminated upon consolidation. Each entity included within the consolidated financial statements has been adjusted to ensure consistent accounting policies are applied across the Group, unless otherwise stated. The consolidated financial statements are presented in US dollars, which is the Group s reporting currency. The functional currency of MediSoft and its subsidiaries is the Euro. Amounts are rounded to the nearest thousand, unless otherwise stated. The consolidated financial statements have been prepared under the historical cost convention. (d) Significant Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Significant estimates and assumptions by management affect the Group s revenue recognition, valuation of accounts receivable and inventory, assumptions used to determine fair value of goodwill and intangible assets, deferred tax liabilities and accounting for contingencies. Although the Group regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Group bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. 7

(e) Fair Value of Financial Instruments Certain financial instruments are carried at cost on the consolidated balance sheets, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash, accounts receivable, accounts payable and accrued expenses. (f) Fair value of Non-Financial Instruments The Group s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations are measured at fair value using income approach valuation methodologies at the date of acquisition and subsequently re-measured if there are indicators of impairment. There were no indicators of impairment identified during the year ended December 31, 2013. As of December 31, 2013, the Group did not have any other non-financial assets or liabilities that were carried at fair value on a recurring basis in the consolidated financial statements or for which a fair value measurement was required. (g) Revenue Recognition The Group recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Revenue recognition requires judgment and estimates, which may affect the amount and timing of revenue recognized in any given period. The Group recognizes revenue when the goods are delivered. When a customer pays in advance, the deferred revenue is subsequently recognized as revenue in later reporting periods in accordance with our revenue recognition policies. (h) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated net of an allowance for uncollectible accounts, which are determined by establishing reserves for specific accounts and consideration of historical and estimated probable losses. Account balances are charged against the allowance when the Group determines it is probable that the receivable will not be recovered. (i) Inventory Inventory consists of raw materials, work in progress, and finished goods. Inventory is stated at the lower of cost or market, using the first-in, first-out and weighted average cost methods. Inventories are recorded net of reserves for excess or obsolete inventory, which are based on the age of inventory and an estimate of the likelihood the cost of inventory will be recovered based on forecasted demand and probable selling price. (j) Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. The major categories of assets are depreciated over the following estimated useful lives: Buildings and building improvements Furniture and fixtures Office and computer equipment Machinery and equipment Vehicles 5 to 20 years 3 to 15 years 3 to 10 years 5 to 20 years 5 years 8

(k) Intangible Assets and Goodwill Intangible assets subject to amortization The intangible asset pertains to a license for MediSoft to use three apparatuses in hospitals, clinics, laboratories, polyclinics and in the practices of general or specialist physicians. Finite intangible assets are stated at cost less accumulated amortization. Amortization is computed on a straight-line method over the estimated useful life. The major categories of assets are depreciated over the following estimated useful lives: License fee Computer software 5 years 3 years Goodwill Goodwill represents the excess of purchase price over fair value of net assets acquired in a business combination. Goodwill is not amortized but may be written down for subsequent impairment. Goodwill impairment is tested annually or when events occur or circumstances change that more likely than not would reduce the value of goodwill below its carrying value. The goodwill impairment test involves two steps. The accounting guidance for goodwill allows companies the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two-step impairment test. The Company completed this analysis and determined that they would proceed with the first step for testing goodwill impairment in which the fair value of each reporting unit is compared with its carrying amount, including goodwill. In the first step, the fair value of each reporting unit is compared with its carrying amount, including goodwill. The fair value of each reporting unit is determined based on expected discounted future cash flows and a market comparable method. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired. If goodwill is considered impaired, an impairment loss equal to the excess of the carrying amount of goodwill over the implied fair value of the goodwill would be recorded. There was no goodwill impairment for the year ended December 31, 2013. (l) Impairment of long-lived assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets. (m) Income Taxes Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Group records valuation allowances to reduce deferred income tax assets to the amount that is more likely than not to be realized. The Group determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, no amount of the benefit attributable to the position is recognized. The tax benefit to be recognized of any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. See note 9 for further discussion of income taxes. 9

(n) Foreign currency translation Assets and liabilities of non-u.s. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive income (loss). Income and expense accounts are translated at average exchange rates during the year. Remeasurement adjustments are recorded in other income, net. The effect of foreign currency exchange rates on cash was not material for the year presented. (o) Contingent Liabilities The Group estimates the amount of potential exposure it may have with respect to claims, assessments and litigation in accordance with Topic 450, Contingencies. The Group is not party to any lawsuit or proceeding that, in management s opinion, is likely to materially harm the Group s business, results of operations, financial condition or cash flows, as described in note 12. It is not always possible to predict the outcome of litigation, as it is subject to many uncertainties. Additionally, it is not always possible for management to make a meaningful estimate of the potential loss or range of loss associated with such litigation. (p) Shipping and Handling Costs Shipping and handling costs are expensed as incurred and included in cost of products sold. Billings for shipping and handling are reflected within net sales in the consolidated statement of operations. (q) Business and Credit Concentrations The Group sells its services to a significant number of large and small commercial customers throughout the world. One major customer accounted for 14.25% of annual Group net sales in 2013 and 19% of its accounts receivable as of December 31, 2013. The Group performs continuing credit evaluations of its customers. (r) Evaluation of Subsequent Events The Group has evaluated subsequent events through October 13, 2014, which is the date the consolidated financial statements were available to be issued. (2) Accounts receivable, net Accounts receivables, net, as of December 31, 2013 consists of the following: Trade receivables $ 1,581 Allowance for doubtful accounts (171) $ 1,410 The Group sells its French accounts receivable to a factoring company. The factoring company pays the Group for the receivables either upon collection, or for certain eligible customers, in advance of payment in the form of draw-downs on a line of credit set up for the Group s benefit. Eligible receivables sold are covered by credit insurance and thus are non-recourse to the Group; the remainder not covered by credit insurance is sold with recourse. 10

(3) Inventory, net Inventory, net, as of December 31, 2013 consists of the following: Raw materials $ 155 Finished goods 1,097 $ 1,252 (4) Other assets Other assets, as of December 31, 2013 consists of the following: Accrued income $ 99 VAT receivable 67 Other assets 18 $ 184 (5) Property and equipment, net Property and equipment, net, as of December 31, 2013 consists of the following: Land $ 120 Buildings and building improvements 2,802 Furniture and fixtures 266 Office and computer equipment 669 Machinery and equipment 172 Vehicles 19 4,048 Accumulated depreciation (2,289) Property and equipment, net $ 1,759 Depreciation for the year ended December 31, 2013 was $197,000. Approximately $109,000 of the depreciation pertains to assets used in production and are included in cost of products sold in the accompanying consolidated statement of comprehensive loss. Approximately $27,000 of the depreciation pertains to assets used in general and administration and are included general and administration expenses in the accompanying consolidated statement of comprehensive loss. Approximately $35,000 of the depreciation pertains to assets used in research and development, and are included in research and development expenses in the accompanying consolidated statement of comprehensive loss. Approximately $26,000 of the depreciation pertains to assets used in selling and marketing, and are included in selling and marketing expenses in the accompanying consolidated statement of comprehensive loss. 11

(6) Intangibles, net Intangibles, net, as of December 31, 2013 consists of the following: Computer software costs $ 131 License 48 Accumulated amortization (140) $ 39 The Group amortizes its intangible assets over the estimated useful lives of the respective assets. Amortization expense related to intangible assets was $9,000 for year ended December 31, 2013. Estimated future amortization expense for intangible assets recorded by the Group as of December 31, 2013 is as follows: Amortization Years ending December 31, Expense 2014 $ 10 2015 10 2016 10 2017 9 $ 39 (7) Accrued expenses The Group s accrued expenses, as of December 31, 2013 consists of the following: Social obligations $ 173 Settlement 160 Other 69 $ 402 12

(8) Long-term debt The Group has loans outstanding principally to ING Bank, Namur Invest, and Sofinex. Namur Invest and Sofinex are public corporations that lend to small and medium sized businesses in the Namur province of Belgium. Terms and conditions of the Group s outstanding loans, all of which are denominated in Euros, were as follows as of December 31, 2013: MediSoft SA had a line of credit, interest accruing at the one month Euribor rate (0.214% at December 31, 2013) plus 1.5%, with no set fixed monthly payments through July 2014. The line of credit had a maximum availability of 650,000 Euros that was fully drawn down as of December 31, 2013. The line fully matures on July 31, 2014. $ 895 MediSoft SA has various notes payable to ING, interest accruing at fixed rates between 2.29% and 6.5%, with monthly principal payments, plus accrued interest through maturity dates ranging from December 2014 to August 2025. 924 MediSoft SA has various notes payable to Namur Invest, interest accruing at fixed rates between 3.5% and 6.55%, with monthly principal payments, plus accrued interest through maturity dates ranging from June 2014 to December 2017. 667 MediSoft SA has various notes payable to Sofinex, interest accruing at a fixed rate of 5.3%, with monthly principal payments, plus accrued interest, which matures in September 2017. 186 MediSoft SA has capital leases on vehicles, which are secured by the corresponding assets, interest accruing at the three month Euribor rate (0.284% at December 31, 2013) plus 3%, monthly payments, plus accrued interest, which matures in July 2014. 11 2,683 Less current portion of long-term debt (1,578) $ 1,105 The line of credit and notes payables were secured by substantially all of the Group s land and building in Belgium. On August 1, 2014, all of the loans were fully paid off following the acquisition of the Group by MGC Diagnostics Corporation. MediSoft was in compliance with all financial covenants as of and for the year ended December 31, 2013. 13

Principal maturities of long term-debt are as follows: For the years ended December, 31 2014 $ 1,578 2015 278 2016 248 2017 151 2018 61 Thereafter 367 $ 2,683 (9) Income taxes The components of pre-tax loss for the year ended December 31, 2013 are as follows: United States $ Foreign (98) The provision for income taxes for the year ended December 31, 2013 consists of the following: $ (98) Current Federal $ State Foreign 17 17 Deferred Federal State Foreign (12) (12) $ 5 14

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2013 are as follows: Net operating loss carryforwards $ 521 Valuation allowance (521) Net deferred non-current tax assets Deferred like-kind exchange capital gain (25) Depreciation (138) Total deferred non-current tax liability (163) Net deferred non-current tax liability $ (163) The major reconciling items between the effective tax rate of the Group for the year ended December 31, 2013 and the domestic statutory income tax rate are adjustments for foreign income subject to lower tax rates, foreign exchange losses not subject to tax, and foreign income not subject to local taxes. As of December 31, 2013, the Group had foreign net operating loss carryforwards of approximately $1,496,000. These foreign losses do not expire. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Group s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Group considers all available positive and negative evidence, including reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance of $521,000 as of December 31, 2013, has been provided for the foreign net operating losses where it has been determined that it is more likely than not, that the tax benefits will not be utilized. The Group is subject to income taxes in many jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. In the ordinary course of business, there are many transactions and calculations in which the ultimate tax determination is uncertain. Although the Group believes the estimates for uncertain tax positions are reasonable and recorded in accordance with accounting standards, the final determination upon examination could be materially different than that which is reflected in historical income tax provisions and accruals. Additional taxes assessed as a result of an examination could have a material effect on the Group s income tax provision and net income in the period or periods in which the determination is made. Interest and penalties related to uncertain positions would been classified as a component of income tax expense. No interest and penalties are recognized in the statement of comprehensive loss for the year ended December 31, 2013. The Group is subject to taxation in various foreign jurisdictions. Certain tax years could be subject to audit if selected by tax authorities. The Group is currently subject to audit in certain foreign jurisdictions for calendar years 2011 through 2013. 15

(10) Commitments and Contingencies The Group has certain operating leases for vehicles. The following reflects future minimum payments under operating leases that have initial or remaining non-cancelable lease terms as of December 31, 2013: For the years ended December, 31 Operating Leases 2014 $ 41 2015 36 2016 27 2017 14 Total minimum lease payments $ 118 (11) Equity Total rent expense incurred under operating leases amounted to $146,000 for the year ended December 31, 2013. The Group did not have any off-balance sheet commitments, guarantees, or standby repurchase obligations as of December 31, 2013. As of December 31, 2013, there were no other contingent liabilities. The Group had no capital commitments as of December 31, 2013. The Group has earnings which are restricted from distribution or are reserved due to regulatory requirements. The Group s accumulated earnings as of December 31, 2013 are restricted as follows: Under Belgium law, when a company earns profits, 5% of the profits up to a certain threshold of the capital must be reserved (non-distributable). $ 24 Beligium tax law allows for companies to defer the taxes on capital gains of assets if the gains are used to purchase an asset in a like kind exchange. The capital gains are taxable in the future upon distribution, and as such, the Group has reserved a portion of retained earnings pertaining to the profits concerning the amount pertaining to said capital gains. The corresponding deferred tax liability is reflected in Note 9. 54 Under Belgium law, there are instances when a portion of the profit is deemed to be non-taxable. However, when the profit is distributed, the amount distributed becomes taxable. As such, the Group has reserved the portion of retained earnings pertaining to the future taxable profits. 299 Unrestricted equity (deficit) (39) $ 338 16

(12) Legal Matters From time to time, the Group is involved in litigation incidental to the conduct of its business. In the ordinary course of business, the Group is a party to inquiries, legal proceedings and claims including, from time to time, disagreements with vendors and customers. The Group is not a party to any lawsuit or proceeding that, in management s opinion, is likely to materially affect the Group s business, results of operations, financial condition or cash flows. (13) Subsequent Events On August 1, 2014, the Group was acquired by MGC Diagnostics, a USA publicly listed entity. In addition, on the date of acquisition, all the outstanding long-term debt and outstanding amounts per the line of credit were paid off in full. 17

Exhibit 99.3 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION The Unaudited Pro Forma Condensed Consolidated Financial Statements have been primarily derived from the historical consolidated financial statements of MGC Diagnostics Corporation ( Company ) and MediSoft SA ( MediSoft ). The Unaudited Pro Forma Condensed Consolidated Statements of Income (Loss) of MGC Diagnostics Corporation for the nine months ended July 31, 2014 and the year ended October 31, 2013, give effect to the acquisition (as described below) as if it was consummated on November 1, 2012. The Unaudited Pro Forma Condensed Consolidated Balance Sheet as of July 31, 2014, gives effect to the acquisition as if it was consummated on July 31, 2014. MediSoft s fiscal year ends December 31. The Unaudited Pro Forma Condensed Consolidated Statement of Loss for the nine months ended July 31, 2014 includes the MediSoft results for the seven months ended July 31, 2014 and the two months ended December 31, 2013 derived from the historical statements included herein for the year ended December 31, 2013. The Pro Forma Condensed Consolidated Statement of Income (Loss) for the year ended October 31, 2013 includes the MediSoft results for the year ended December 31, 2013. The Pro Forma Condensed Consolidated Balance Sheet as of July 31, 2014 includes the balance sheet of MediSoft adjusted to reflect the preliminary purchase price allocation as of August 1, 2014, the closing date of the acquisition. There were no significant transactions outside the ordinary course of business for MediSoft in the months ended December 31, 2013 and July 31, 2014. On August 1, 2014, the Company completed the acquisition of MediSoft and its French, Italian and German subsidiaries, through the Company s newly established wholly owned subsidiary, MGC Diagnostics Belgium S.P.R.L., a private limited liability company. The Company paid 5,800,000 ($7,771,000) and granted warrants to purchase 168,342 shares of the Company s stock at $7.96 per share (valued at $421,000) for all outstanding shares of MediSoft. The Company paid cash of approximately $2,295,000 to the debt holders to repay all of the outstanding indebtedness of MediSoft, with the remainder, approximately $5,476,000, paid to MediSoft shareholders. The historical consolidated financial information has been adjusted in the pro forma financial statements to give effect to pro forma events that are: (i) directly attributable to the merger, (ii) factually supportable, and (iii) expected to have a continuing impact on the combined results of the Company and MediSoft. The pro forma financial statements do not reflect any cost savings or associated costs to achieve such savings from operating efficiencies, synergies, utilization of MediSoft net operating loss carryforwards or other restructuring that may result from the acquisition. In addition, the pro forma effects of debt financing obtained in connection with the purchase are included in the following pro forma statements. Assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes, which should be read in connection with the pro forma statements. 1

The pro forma financial statements have been presented for illustrative purposes only and do not reflect the impact of potential synergies. Therefore, the pro forma financial statements are not indicative of the results of operations and financial position that would have been achieved had the pro forma events taken place on the dates indicated, or the future consolidated results of operations or financial position of the combined company. The following information is only for the limited purpose of presenting what the results of operations and financial position of the combined businesses of the Company and MediSoft might have looked like had the merger taken place at an earlier date and should not be relied on for any other purpose. The following pro forma financial statements should be read in conjunction with: the accompanying notes to the pro forma financial statements; the separate historical consolidated financial statements of MGC Diagnostics Corporation as of and for the year ended October 31, 2013, included in the Company Form 10-K filed with the SEC; the separate historical consolidated financial statements of MGC Diagnostics Corporation as of and for the nine months ended July 31, 2014, included in the Company Form 10-Q filed with the SEC; and the separate historical consolidated financial statements of MediSoft and subsidiaries for the year ended December 31, 2013, included herein;. 2

MGC Diagnostics Corporation and Subsidiaries UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET As of July 31, 2014 Acquisition of MediSoft SA and Subsidiaries As of July 31, 2014 Pro Forma Adjustments As Reported Pro Forma Assets Current Assets: Cash and cash equivalents $ 15,353 $ 133 $ (7,771) d $ 7,715 Accounts receivable, net 4,736 1,126 5,862 Inventories, net 5,024 665 5,689 Prepaid expenses and other current assets 1,367 114 1,481 Total current assets 26,480 2,038 (7,771) 20,747 Property and equipment, net of accumulated depreciation 1,034 2,681 3,715 Intangible assets, net 2,605 2,252 4,857 Goodwill 3,224 3,224 Other non-current assets 58 14 72 Total Assets $ 30,177 $ 10,209 $ (7,771) $ 32,615 Liabilities and Shareholders Equity Current Liabilities: Accounts payable $ 2,922 $ 1,110 $ 91 e $ 4,123 Employee compensation 1,134 523 1,657 Deferred revenue 3,450 79 3,529 Current portion of long-term debt 800 800 Other current liabilities and accrued expenses 646 58 704 Total current liabilities 8,952 1,770 91 10,813 Long-term liabilities: Long-term debt, less current portion 3,200 3,200 Long-term deferred revenue and other 2,685 2,685 Deferred tax liability 247 247 Total Liabilities 14,837 2,017 91 16,945 Commitments and Contingencies Shareholders Equity: Common stock 420 420 Additional paid-in capital 22,935 8,192 (7,771) d 23,356 Accumulated deficit (7,995) (91) e (8,086) Accumulated other comprehensive loss (20) (20) Total Shareholders Equity 15,340 8,192 (7,862) 15,670 Total Liabilities and Shareholders Equity $ 30,177 $ 10,209 $ (7,771) $ 32,615 3

MGC Diagnostics Corporation and Subsidiaries UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF LOSS Nine months ended July 31, 2014 (in thousands, except per share amounts) As Reported Nine months ended July 31, 2014 Acquisition of MediSoft SA and Subsidiaries Pro Forma Adjustments Pro Forma Revenues Equipment, supplies and accessories revenues $ 15,737 $ 5,220 $ $ 20,957 Service revenues and other income 4,591 4,591 20,328 5,220 25,548 Cost of revenues Cost of equipment, supplies and accessories revenues 7,435 3,088 (17) a 10,506 Cost of service revenues 1,513 1,513 8,948 3,088 (17) 12,019 Gross margin 11,380 2,132 17 13,529 Operating expenses: Selling and marketing 5,902 1,069 (11) a 6,960 General and administrative 4,160 623 (964) a,b 3,819 Research and development 2,014 546 1 a 2,561 Amortization of intangibles 20 212 a 232 12,096 2,238 (762) 13,572 Operating loss (716) (106) 779 (43) Interest expense (income), net 4 189 (28) f 165 Foreign currency loss 58 58 Loss before taxes (778) (295) 807 (266) Provision for (benefit of) taxes 46 (39) 7 Net loss $ (824) $ (256) $ 807 $ (273) Loss per share: Basic $ (0.20) $ (0.07) Diluted $ (0.20) $ (0.07) Weighted average common shares outstanding: Basic 4,162 c 4,162 Diluted 4,162 c 4,162 Dividends declared per share $ $ *Note that any reduction of loss attributable to minority interest has been ignored herein, since the minority interest was displaced in anticipation of the acquisition transaction. 4

MGC Diagnostics Corporation and Subsidiaries UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) Year ended October 31, 2013 (in thousands, except per share amounts) As Reported Year ended December 31, 2013 Acquisition of MediSoft SA and Subsidiaries Pro Forma Adjustments *Note that any reduction of loss attributable to minority interest has been ignored herein, since the minority interest was displaced in anticipation of the acquisition transaction. Pro Forma Revenues Equipment, supplies and accessories revenues $ 26,516 $ 6,268 $ $ 32,784 Service revenues and other income 5,124 5,124 31,640 6,268 37,908 Cost of revenues Cost of equipment, supplies and accessories revenues 12,423 3,242 (23) a 15,642 Cost of service revenues 1,511 1,511 13,934 3,242 (23) 17,153 Gross margin 17,706 3,026 23 20,755 Operating expenses: Selling and marketing 9,256 1,588 (15) a 10,829 General and administrative 4,762 1,003 (14) a 5,751 Research and development 2,241 732 2 a 2,975 Amortization of intangibles 21 9 283 a 313 16,280 3,332 256 19,868 Operating income (loss) 1,426 (306) (233) 887 Interest expense (income), net (1) 90 125 f 214 Other (income) (298) (298) Income (loss) before taxes 1,427 (98) (358) 971 Provision for taxes 70 5 75 Net income (loss) $ 1,357 $ (103) $ (358) $ 896 Income (loss) per share: Basic $ 0.34 $ 0.23 Diluted $ 0.34 $ 0.22 Weighted average common shares outstanding: Basic 3,982 c 3,982 Diluted 4,045 c 4,045 Dividends declared per share $ 0.45 $ 0.45 5

MGC Diagnostics Corporation and Subsidiaries NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) Note 1 Description of the Transaction On August 1, 2014, the Company completed the acquisition of MediSoft and its French, Italian and German subsidiaries, through the Company s newly established wholly owned subsidiary, MGC Diagnostics Belgium S.P.R.L., a private limited liability company. The Company paid 5,800,000 ($7,771,000) and granted warrants to purchase 168,342 shares of the Company s stock at $7.96 per share (valued at $421,000) for all outstanding shares of MediSoft. The Company paid cash of approximately $2,295,000 to the debt holders to repay all of the outstanding indebtedness of MediSoft, with the remainder, approximately $5,476,000, paid to MediSoft shareholders. Note 2 Basis of Pro Forma Presentation The pro forma statements of income (loss) for the nine months ended July 31, 2014 and the year ended October 31, 2013, give effect to the acquisition as if the acquisition was consummated on November 1, 2012, in each case. The pro forma balance sheet as of July 31, 2014, gives effect to the acquisition as if it was consummated on July 31, 2014. The pro forma financial statements have been derived from the historical consolidated financial statements of MGC Diagnostics Corporation and MediSoft. Assumptions and estimates underlying the pro forma adjustments are described in these notes, which should be read in conjunction with the pro forma financial statements. The pro forma financial statements have been prepared based upon preliminary estimates and assumptions and the final amounts recorded as of the date of the acquisition may differ materially from the information presented. MediSoft s fiscal year ended December 31. The pro forma statement of loss for the nine months ended July 31, 2014 includes the MediSoft results for the seven months ended July 31, 2014 and the two months ended December 31, 2013, derived from the audited statements included herein for the year ended December 31, 2013. The pro forma statement of income (loss) for the year ended October 31, 2013 includes the MediSoft results for the year ended December 31, 2013. The pro forma balance sheet as of July 31, 2014 includes the balance sheet of MediSoft adjusted to reflect the preliminary purchase price allocation as of August 1, 2014, the closing date of the acquisition. There were no significant transactions outside the ordinary course of business for MediSoft in the months ended December 31, 2013 and July 31, 2014. The total purchase price was $8,191,742, which was calculated as follows: Cash paid to pay off existing MediSoft debt holders $ 2,295,615 Cash paid to selling shareholders 5,475,225 7,770,840 Fair value of warrants granted to selling shareholders 420,902 Total purchase price $ 8,191,742 Under United States Generally Accepted Accounting Principles ( GAAP ), the purchase price has been allocated to the fair values of the assets acquired and the liabilities assumed. For the purpose of measuring the estimated fair value of the assets acquired and the liabilities assumed, the Company has applied the accounting guidance for fair value measurements in Accounting Standards Codification Topic 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer in an orderly transaction between market participants as of the measurement date, which, in this case, is the closing date of the acquisition. This is an exit price concept for the valuation of the asset or liability. In addition, market participants are assumed to be buyers and sellers in the principal (or most advantageous) market for the asset or liability. Fair value measurements for an asset assume the highest and best use by these market participants. As a result, the pro forma financial statements may record assets which are not intended to be used or sold and/or to value assets at fair value measures that do not reflect the Company s intended use of those assets. Many fair value measurements can be highly subjective and it is also possible that others applying reasonable judgment to the same facts and circumstances could develop and support a range of alternative estimated amounts. 6

The pro forma financial statements also reflect the $4,000,000 term loan proceeds received on July 24, 2014, when the Company entered into a credit agreement ( Agreement ) with BMO Harris Bank NA ( Bank ). The Agreement includes a $4.0 million term loan and $3.0 million revolving credit facility that includes a $500,000 sub-limit for the issuance of standby and commercial letters of credit. The term loan, which bears interest at a floating rate currently equal to 5.0%, is payable in equal monthly principal installments of $67,000 over a five-year period ending July 24, 2019. The Company used the term loan proceeds of $4,000,000 in connection with its acquisition of MediSoft. Note 3 Allocation of Purchase Price to Assets Acquired and Liabilities Assumed The following is the preliminary allocation of fair values to the assets acquired and the liabilities assumed by the Company in the acquisition, reconciled to the purchase price: Preliminary Fair Value ASSETS: Current Assets: Cash and cash equivalents $ 133 Accounts receivable 1,126 Inventories 665 Prepaid expenses and other current assets 114 Total current assets 2,038 Property and equipment 2,681 Goodwill 3,224 Intangible assets 2,252 Other non-current assets 14 Total Assets $ 10,209 LIABILITIES AND EQUITY: Current Liabilities: Accounts payable $ 1,110 Employee compensation 523 Deferred revenue 79 Other current liabilities and accrued expenses 58 Total current liabilities 1,770 Deferred tax liability 247 Total Liabilities 2,017 Purchase Price $ 8,192 7

Note 4 Adjustments to Pro Forma Financial Statements Adjustments Related to Acquisition only: Adjustments to Pro Forma Statements of Income (Loss) (a) Depreciation and amortization adjustments reflect the allocation of fair value of the acquired tangible fixed assets and the separately identifiable intangible assets with finite lives (other than goodwill) which are expected to increase (decrease) the expense reflected in the historic income (loss) of the MediSoft operation in the following categories of expenses: Nine months ended July 31, 2014 Year ended October 31, 2013 Cost of equipment, supplies and accessories $ (17) $ (23) Selling and marketing (11) (15) General and administrative (10) (14) Research and development 1 2 Amortization 212 283 $ 175 $ 233 (b) Elimination of costs included in Company general and administrative expenses directly related to the acquisition transaction totaling $954,000. (c) Assumed warrant exercises of 168,342 shares at $7.96 per share less treasury stock method repurchases at the average stock price of $10.71 totaling 125,126 shares for the nine months ending July 31, 2014. However, given the loss for the period, the incremental shares are excluded from the earnings per share calculation as they are considered anti-dilutive. The average stock price of $7.68 for the year ended October 31, 2013 makes these warrants anti-dilutive and, as such, the effects of the warrants are excluded from the earnings per share calculation. Adjustments to Pro Forma Balance Sheet (d) Cash paid to MediSoft debt holders and shareholders totaling $7,771,000. (e) Estimated accrued future expenses directly related to the acquisition transaction totaling $91,000. Adjustments Related to Acquisition Related Borrowing Costs: Adjustments to Pro Forma Statements of Income (Loss) (f) Incremental cash interest expense, calculated at 5% of $4,000,000 for the periods reported, amortization of deferred financing costs (totaling $71,000), and foregone interest income on $3,771,000 of cash equivalent securities used in the acquisition, less historic interest expense of MediSoft, is as follows: Nine months ended July 31, 2014 Year ended October 31, 2013 Interest on new borrowing-cash $ 150 $ 200 Amortization of deferred financing costs 11 14 Foregone interest earnings 1 Historic interest expense of MediSoft (189) (90) $ (28) $ 125 8